Even though mainstream media makes it sound like online sales are killing brick & mortar stores, more than 90 percent of retail sales still occur in physical stores. And, 2018 is looking bright for retailers as sales are predicted to increase even more and top $5.5 trillion by 2020.
BI Intelligence released a report providing in-depth insight into the future of retail. Here are some of the key takeaways:
- U.S. retail is growing $200 billion year over year
- U.S. retail will account for $5.5 trillion in sales in 2020
- In-store retail still dwarfs e-commerce in sales
- U.S. in-store year-over-year growth rates are still rising steadily
- E-commerce is growing rapidly with the help of mobile apps, but consumers won’t wait more than 5 seconds for an app to load. Over half of consumers abandon purchases on mobile
- E-commerce growth is a top priority for retailers even though in-store sales still dwarf e-commerce, followed by improve in-store experience
Click here to download the report.